
Nepal’s umbrella association of leading commercial banks, the
Nepal Bankers’ Association (NBA), has signed a Memorandum of Understanding
with Fintelekt Advisory Services, a global specialist in Anti-Money
Laundering (AML), Countering the Financing of Terrorism (CFT) and Financial Crime
Compliance (FCC).
The banking industry, being the gatekeeper to the country’s
financial system, is bound under the Assets (Money) Laundering Prevention Acts
(2008) to identify and report suspicious transactions to the Financial
Information Unit of Nepal. Money laundering and financial crimes have grown
significantly since the start of the Covid-19 pandemic, making it an especially
critical time for bankers to be vigilant and aware of the various AML risks
that they are dealing with.
The MOU signing took place on May 25th at NBA’s office in
Kathmandu between Mr. Anil Kumar Upadhyay, President, Nepal Bankers’
Association and Mr. Shirish Pathak, Managing Director, Fintelekt and
formalised a collaboration that will facilitate AML/CFT webinars, workshops and
executive briefing sessions for NBA member banks. The two organisations will
also conduct research studies to aid policy decisions within banks and to
provide feedback to regulators on various aspects within AML/CFT. Fintelekt
will also provide its strategic advisory services to enable banks to enhance
their AML/CFT governance frameworks.
“Fintelekt is capable of making a significant impact through
its high-quality knowledge resources and qualified global advisors towards
helping the banking industry in Nepal to more effectively and efficiently combat
money laundering and terrorism financing,” said Shirish Pathak, Managing
Director, Fintelekt.
“The collaboration with Fintelekt is very much in line with
NBA’s objectives of enhancing the knowledge, skill, efficiency and productivity
of employees in the banking sector, particularly in this important area of AML
and CFT,” said Anil Kumar Upadhyay, President, NBA.
The two organisations will soon draw out a plan of action for
the coming months and help build a stronger compliance regime in Nepal.
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About Nepal Bankers’ Association
Nepal Bankers’ Association was established to make the commercial
banks in Nepal more effective and efficient, to enhance the interrelationship
and co-ordination among the member banks, and to enhance the services offered
by the banks by introducing creative and modern banking services.
About Fintelekt Advisory Services
Fintelekt Advisory Services is a specialist in research,
training and advisory on Anti-Money Laundering (AML) and Countering the
Financing of Terrorism (CFT) in Asia. The company takes pride in systematically
investing time and effort in building the skill level of professionals working
in the banking and financial services sectors by assimilating and dispensing
industry-reviewed best practices and knowledge.